Update:We have confirmation on this now, Digging up a find while practicing Archaeology will now continue to grant skill points past 50.(Source)

Looks like Archaeology has been hotfixed to now always give one skill-up per dig, making it much easier to level. This was NOT listed in any hotfix note, so we’re unsure whether this is intended or not.

The Lorewalkers are a pandaren faction bent on exploring the world, finding things and relics to fill out libraries. Caretakers of the mysteries of Pandaria, these brave souls roam the continent, hoping to learn from their history.

This faction is tied in to Archaeology and the lore of Mists of Pandaria. Finding various objects around the world will give you achievements and reputation with them, as well as access to various stories told by Lorewalker Cho.

Occasionally an Ancient Haunt will spawn after finding artifact fragments. They rarely drop a Mogu or Pandaren keystone and always drop ~7 fragments

There are now some daily quests for Archaeology

You can find Pristine versions of artifacts and put them on display

Pristine Artifacts

Pristine Artifacts are rarely gained from solving a common artifact. These items give you a quest which is turned in at the Seat of Knowledge. These quests add the artifact to your phased collection, similar to the way the Lorewalker’s bookshelf works.

I heard there would be archaeology dailies. Are these dailies available only when archaeology skill reaches 525? Or is it like the fishing and cooking dailies in Cata, which merely require minimum skill points?(Source)

The latter. Archaeology dailies are like fishing and cooking, chosen randomly from 3-5 quests every day.